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Evergrande Group said on Thursday that its chairman Xu Jiayin had been subject to “enforcement measures” on suspicion of criminality, as the Chinese developer faces growing pressure.
In a statement to the Hong Kong Stock Exchange, the company said it had “received notification from the relevant authorities” about the development, but gave no further clarification.
It had been previously reported that Mr Xu was under police surveillance and that employees of a former wealth management subsidiary were recently arrested.
Evergrande did not respond to an earlier request for comment.
The developer defaulted on its debt obligations at the end of 2021 and said over the weekend that an official investigation had prevented it from proceeding with its turnaround plan.
This is a development story
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